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There is an art and a science to it, too detailed to discuss here. At some point you get to actually make up your own reality. For example, there used to be a guy that would quote multiple dealers on a fairly illiquid name. Usually, he was a seller of slight OTM puts and he'd hit 4-5 guys at...

I'd say liquidity gotten more polarized. The liquid stuff is even more liquid - I traded 20k AAPL straddles over a few min recently, electronically, used to be that you had to quote dealer if you wanted that size. The illiquid stuff is even more illiquid - biotech and event names gotten really...

Erm, say that's 20-100m in terms of GNV. Assume 5x leverage and we are talking 4-20 million in capital, more or less proper "upper retail" size.

You do realize that it's for non-directed orders only, right? There was a discussion here how PFOF model is detrimental to the customer, even if it's not readily apparent.

I heard that Tyrannosaurus rex went extinct because his front limbs were too short and they weren’t even able to pleasure themselves On the topic, my sense is that so far nobody is successful extracting alpha using AI methods alone. There are a few successful funds but almost all of them use...

Well, in all fairness, proper “prop firms” are only different from the hedge funds in how they source their capital. I am still struggling to understand the concept of prop firm as described above (if you get to trade your own capital, why not do it from home?). PS. I guess maybe the idea is...

Well, you can create a concurrent market based on the incoming events which is fairly straightforward. Of course, it mainly makes sense if you are planning to add micro-alphas to your process.

Scalping is not allowed? Do they throttle your trading frequency for some reason (why would a broker do that, don't they want trades)?

Interesting. I assume the ones that have a proper API are not the ones that you can arb? Is it always one way, e.g. broker X has cable persistently cheap and you end up using broker B to cover? PS. The whole retail FX business is a mystery to me, that's why I am asking.

Reg S issue

Out of curiosity, if they find out, what could they do? E.g. can they deem a trade off-market and reverse it or something like that?

In this case, things are not what they appear. I happened to know first-hand.

It's the leveraged risk-arg fund, from what I understand. What I don't get is how the fuck does one lose money on merger arb in THIS market?

Yeah, and he is “an ideal man” in Rands own words. I more or less lost any interest in her shit after that book. I do want a recipe. As for Zombie Economics, I read it too and felt it was a little to light on analysis, but otherwise OK. On topic. Realistically, every self-professed...

Ha! I was not aware that there is such a thing - none of the brokers I’ve worked with ever charged me for it (actually, probably there was a flat fee regardless of size).

What broker are you using?

I don't think it's wrong, but I do think it's strange. First of all, there is a big difference between grabbing dinner with a global superpower (Buffet, Gates, Obama or even Trump) and doing menial labor for a some unknown dude who's only claim to fame is his own website. Secondly, people...

Yes, please, I am totally blanking on the concept. If someone is doing work, they should get paid, regardless of the expectation experience they get out of it. Even summer interns who are pretty much useless get paid.

Well, most do advertise directly, use a head-hunter or, for really junior people, recruit on campus. There is a lot of competition for good people, to be honest (or maybe I am a loser that can't attract talent :() I am still confused about the business model of mentorship for a fee and since we...

Sadly, I have read the book. As Mark Twain said, "never let the truth get in the way of a good story". So, while it's entertaining, the book has very little to do with what actually went on there or goes on in the industry (*). I will right away say that I have never worked as or with a...